The company in charge of the condemned Latitude Five 25 apartment towers on the near East Side of Columbus have listed the property for sale.
The company hopes a buyer will renovate or redevelop the property.
The 15-story towers were built in the 1960s and have nearly 400 apartments.
Dana Milligan with New Perspective Asset Management of Dublin said their goal is to sell the buildings for between $3 million and $10 million depending on market forces. Milligan's company took control of the complex from previous owners Paxe Latitude after authorities cleared out tenants due to uninhabitable living conditions.
"I don't think there's anything wrong with the bones of the building. The structure of the building is fine. The interior needs a complete remodel," Milligan said.
Milligan said whoever buys the towers will have to gut the property and revamp the complex's mechanical and electric systems.
Skip Weiler with The Robert Weiler Company, the property's broker, said there has been interest from buyers since the property was listed earlier this week.
Weiler said most of the potential buyers are more interested in renovating the property rather than redeveloping the complex.
Milligan said redeveloping properties is usually cheaper. He also said it may be more advantageous for the city and any potential buyer to renovate the complex, because it would be hard to replicate the density of the 15-story towers.
"We're not going to get that many units in that small space for the city of Columbus if it gets torn down. That's a lot of homes. That's 300 plus homes that are going to be disturbed," Milligan said.
Weiler said while redeveloping and starting anew is usually cheaper, he noted that the cost of demolishing such large buildings inflates the price.
